Primarily, growth in total network hash rate drove direct power costs per bitcoin mined to $9,900 in Q2. This is up 14% over prior quarter.The Canadian Financing Authority may pass legislation that removes the recovery of VAT. Bitfarms' power costs in Canada would go from $0.04 to $0.046 per kWh.After having bought 1,000 bitcoins earlier in the year at approximately $43,000 each, the company now sold over 3300 coins at an average near $20,000.A number of Bitfarms' close competitors are just beginning to add Bitmain S19 XP equipment with an unnerving power efficiency of 22 J/TH.Bitfarms is relatively underappreciated from a market cap to operational hash rate perspective. The Argentina expansion is well vetted and will yield moderate share capture.Bitfarms (BITF) is a low-cost Bitcoin (BTC-USD) miner with an extended history of proven execution. The company is conservatively financed and has a moderate, vetted growth plan that will continue to capture share of the total network hash rate. Though it has the lowest valuation among the larger cap miners, it is arguably best of breed.In a late June article, that can be found here, I covered the strength of Bitfarms' position based on a handful of key considerations. These included: Makeup of the current and future mining fleet Direct cost to mine Bitcoin by equipment type Qualitative factors of the operational set up Power costs and reliability comparisons Cost of sales per bitcoin...
